Tax Breaks, Tips, and Updates: Part 2 (Currently Unavailable)

Author: Eva Rosenberg

This course reflects tax law after enactment of TCJA.

This course covers Home Mortgage Interest and Acquisition Debt, Schedule C tips and traps, Divorce Related Issues, Net Investment Income Tax, and more. Learn how to how to implement tax breaks that impact the Federal 1040 return.

Part 2 of a 2 part series on a variety of tax tips and updates.

Publication Date: January 2018

Designed For
Practitioners at all levels regardless of practice concentration, who would like to learn more about tax planning and legal tax reduction strategies. Also good for taxpayers preparing their own tax returns who want to learn about loopholes.

Topics Covered

• Home Mortgage Interest and Acquisition Debt
• Debt Relief — on Home or Other Loans
• Miscellaneous Income
• Net Investment Income Tax
• Foreign Tax Credit — overlooked strategies
• First Time Abatement Penalty Relief
• Nursing Services, Home Health Care
• Child Care Credits you didn't know about

Learning Objectives

• Recognize how to implement tax breaks that impact the Federal 1040 return
• Identify the maximum contribution amount allowed to a 401(k) and Roth IRA in 2018
• Recognize the changes to filing deadline and the new form due dates
• Identify an example of business income versus deposits to a business account
• Recognize how the bonus depreciation percentage for qualified property both acquired and placed into service in 2018
• Differentiate conditions which would preclude a payment from being considered alimony
• Identify the tax rate applied to a taxable estate with a value up to $10,000
• Identify the maximum earning subject to social security tax for 2018
• Recognize when a 1040X should be filed and labeled
• Describe standard per diem rates and the date they change
• Identify when the taxpayer would receive 80 percent bonus depreciation if the asset is placed in service
• Recognize conditions which would preclude a payment from being classified as alimony
• Identify which form a taxpayer may received relating to cancellation of debt
• Describe the taxable income amount the Foreign Earned Income Exclusion allows American taxpayer working outside the US to exclude
• Identify the top tax rate for taxable estates greater than $1,000,000

Level
Basic

Instructional Method
Self-Study

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
None

Advance Preparation
None